AI Technology is Transforming the Face of Human Resource Management Like Never Before
AI Technology has generated sweeping transformation across industries in a previous couple of decades. Disrupting industries like travel and hospitality while promptly transforming functions like finance and marketing, tech has been the foundation for many big modifications.
Till recently the Human Resource department was tardy to the party. As recruiting went online through job portals in the 1990s, the HR department didn't experience any of the sweeping changes that other functions like finance and marketing walked through.
However, in the last few years, things have changed. Emerging technologies such as AI (Artificial Intelligence), RPA (Robotic Process Automation), and ML (Machine Learning) have upgraded key human resource processes to the point that everyone is now discussing the new wave of HR — HR 3.0.
What is HR Tech?
In simple words, HR Tech or HR Technology is the application of technology to upgrade fundamental HR processes like recruitment, talent management, compliance, payroll, performance management, employee engagement, and many more. Emerging technologies like AI, ML, and RPA are being processed to build stronger research, business intelligence, people analytics, and automation in the HR industry. This, as result, is transforming the way basic HR functions are being carried out. What's more, it's even transforming the goals of the HR department. From merely getting processes in place, HR is moving towards a more broad-based goal — navigating value from talent.
According to McKinsey and Company, nearly 56% of basic "hire-to-retire" tasks can be automated using the technologies that are trending now. At the same time, these technologies are also being processed to expand the role of HR and align it towards productivity and employee engagement.
The article enlists the five top applications of technology that, in turn, change the face of HR.
Smart Recruitment
Technologies like AI are playing a crucial role in assisting HR teams to find and hire cream talent. The application cases for AI in recruitment are countless. We have HR software that utilizes AI to understand the employee skill sets and cultural fit from video interviews. Then there is software that uses AI-based gamified assessment to screen candidates. AI-based chatbots RPA is also been widely used to simplify the screening process— whether it's scheduling interviews or answering common questions. There is software that also works on improving the candidate experience during the entire recruitment process.
Automation of Repetitive Tasks
Technologies such as ML and AI are taking in used to automate repetitive tasks in HR so that HR teams can focus more their energies on more strategic tasks such as finding a better talent and engaging them. Repetitive tasks including data collection, compliance processes, employee onboarding, and so on are taken care of by advanced technology.
Employee Engagement
Voice of the Employee (VoE) analytics is an AI tool that HR teams are widely using to monitor employee engagement. VoE analytics assist HR personnel analyze employee engagement surveys to work out exactly where the issues are. Not only employee surveys but VoE analytics can also be used to look at more informal employee communication channels to glean crucial insights around employee satisfaction. This offers them to take corrective action swiftly; which as result helps them in avoiding needless attrition. VoE tools use a range of AI technologies including textual analysis techniques and NLP (Natural Language Processing).
Employee Development
The learning and development industry, even a newer part of HR, has already gained worth over $200 billion globally. Enterprises across the board are availing of AI-based coaching tools that acknowledge an employee's goals, strengths, and weaknesses in detail before recommending customized learning tools. It ensures that organizations can provide every employee with the right resources for their development. It also avoids wastage of training that employees will never use.
HR Virtual Assistants
HR chatbots are already getting huge traction. They are being processed as a kind of virtual HR help desk and employees are progressively using chatbots to get answers to routine queries. In the future, it might be the scene that AI-powered virtual assistants will be able to handle a range of HR functions — improving employee engagement, generating insights on talent metrics, managing process workflows, and so on.
What are the benefits of HR Technology?
Usage of HR software makes sure that HR teams can monitor the availability of employees and manage schedules accordingly. This helps the organization to operate at its peak productivity throughout the financial year. With technology, it's become easy to access Crucial Information. HR tech — from Talent Management Software to AI-powered chatbots is used to distribute information in a timely and meaningful way. It also reduces cost when repeated tasks have been automated to a large extent.
Conclusion
HR Tech in present days is not an option or an opportunity, it's an inevitability. The pace at which it is transforming all significant HR functions — from recruitment to onboarding to employee retention — means that it will grow more important with time. Companies that can adapt and build a holistic, tech-powered HR department will have the cutting-edge in the long run.
